Pay No Interest Until 2016 With These Credit Cards

Stop wasting money on interest fees! If you're carrying balances on high-interest credit cards or you need to make a purchase that you won't be able to pay off right away, there's no need to waste money paying interest. In fact, you can avoid any interest payments at all well into 2016.

Credit card issuers are pursuing potential customers by offering extremely generous 0% APR intro deals for truly lengthy periods of time. Take advantage of the available offers to save yourself a ton of cash, or to give yourself some breathing room and time to pay down your balances.

We've done the research and put together a list of the top cards with 0% intro APR periods so long you won't pay any interest until September 2016.

Citi Simplicity
Can you say 21-month 0% APR? It's true, with Citi Simplicity (a NextAdvisor advertiser) you'll enjoy no interest on balance transfers and purchases until 2017 (not just until 2016!), providing plenty of time to pay down your balance. Plus there are no late fees, no penalty fees and no annual fee. Overall this is a stellar pick for anyone looking to save money on interest fees as they work to decrease their balance, or someone who'd like to make a large dollar purchase now and not worry about paying interest until next year.

The Citi Diamond Preferred Card
Offering an 21-month 0% APR period on balance transfers and purchases, this card is a winner. And after the over 1.5 year zero interest period is up, you'll enjoy a low ongoing APR. Plus there's no annual fee to worry about. Even if you don't have any balances to transfer, this card is still a great way to make purchases now (spring vacation anyone?) and pay no interest until 2017.

Discover it Card – Balance TransferWhen you combine a terrific 18-month 0% intro APR with cash back rewards, it's hard to go wrong. Although the 18-month 0% intro APR is just for balance transfers, you can also take advantage of a 6-month 0% intro APR on purchases and the low post-intro APR rate. Plus you'll earn 5% cash back on categories that rotate quarterly and 1% cash back on everything else. From now through March 31st you'll get 5% back on gas and ground transportation like rental cars and taxis. Did I mention there's no annual fee and no foreign transaction fees? This means you can make purchases outside the U.S. without worrying about extra fees, which is a nice touch if you're traveling internationally in the future.

These cards don't quite have the incredible 18-month 0% APR the other cards do, but they're still strong contenders:

Chase Slate
With a 15-month 0% intro APR on balance transfers and purchases AND the honor of being the only 0% intro card that doesn't charge balance transfer fees, this is our top-ranked balance transfer card. All this and it's targeted at those with "good" credit rather than "excellent" credit. Good credit is generally considered to be a credit score between 649 and 720, although other factors may come into play. Slate's zero balance transfer fees can add up to serious savings, as many cards charge up to 3% of the amount you're transferring. Chase Slate allows you to transfer your balances from other credit cards without paying a cent, and gives you the time you need to start paying down the balance. The 15-month 0% APR period will take you into 2016 with zero interest payments, and it's a great card to help you manage any credit card debt you may currently have or to make large purchases now that you don't want to pay off until next year.

Blue Cash Preferred from American Express
Coupling great cash back benefits with a 0% intro APR for 15 months, Blue Cash Preferred from American Express (a NextAdvisor advertiser) is the best of both worlds. You'll earn 6% cash back at supermarkets (on up to $6K in purchases annually), 3% at gas stations and select department stores like JCP, Nordstrom, Sears and Macy's, and 1% cash back on everything else. You'll also get a $150 intro bonus after spending $1,000 in the first 3 months. And you won't pay interest on your purchases and balance transfers for 15 months, saving you on interest fees well into 2016. Take advantage of 0% intro APR by making any large or small purchases you need now, and you'll have 15 months of $0 in interest to help pay down you balance. There is a $75 annual fee, which most users will more than earn back by making their usual everyday purchases. However, if you're interested in a similar no-annual-fee card that also features strong cash back rewards and a 0% intro APR period, take a look at the Blue Cash Everyday from American Express.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.

I am an average middle classed American and I think everyone should know that the best credit card is one with a zero balance. The only person that benefits from credit cards are the credit card companies. I used bonuses to pay mine down and then pay them off. I know use them when I see something I want and divide the cost of the item over several weeks in order to pay it off before any interest is charged. I'm paying interest on my mortgage 3.25% and my SUV 1.9% (I have 7 more payments). High interest rates are financial slavery.

jmcadoo@cfl.rrJuly 17, 2015

Please read.

GaryJuly 12, 2015

have Cap One card 28.3 interest…because of 8 yr old bankruptcy/2600 bal/only card I have /I'm under the poverty level!!can only make 10 to 20 dollars over min. payment! am I doomed?

AnnetteJuly 10, 2015

I'm embarrassed to say this but I have terrible credit. Is there a credit card with this great offer, or very low interested for people like me? I have a credit card and am paying 24% interest!! :(

Mrs SmithJuly 7, 2015

I recommend the chase slate credit card. It gave me about a year to pay on a transfer with no transfer fees. It's saving me about $60 a month.

SheldonJune 10, 2015

I'm surprised to see so much naivete here regarding credit cards. It may interest some of you SUV-driving Yuppies to know that millions of people in America are using their credit cards to feed their kids and buy basic necessities to make it through another month. The fact that all of your monthly purchases are luxuries like a new set of golf clubs or a pair of designer shoes doesn't mean that everyone in the country lives that way.

Maybe you should get your heads out of your posteriors and learn something about the world around you before you spout off your theories as to why people struggle with credit card debt. Blaming the victim simply shows ignorance.

shahzada dogarJune 6, 2015

What really concerns me is the charge made right at the out set , known as transfer charges. . this takes a big chunk of ones money. Can any card offer 0% without transfer charges!!!!!!!!!!!!!!!!!!.

Moe FiskJune 5, 2015

29 years with Citibank and they refuse to cancel current cards and grant me a 21 month transfer deal…they;d like to keep charging the 8 or 9 or 12 % on the relatively low balances on Preferred,etc….sick of them

FranzelMay 31, 2015

"If you're carrying balances on high-interest credit cards or you need to make a purchase that you won't be able to pay off right away" – don't f*king buy it then!

TharaApril 29, 2015

Would love to know if any of these delve into cash advances? Anyone know? If so, what is the percentage rate. Thanks!

WendyApril 24, 2015

You just need to remember that a credit card IS NOT income!!! It's a liability, so is Paypal, and all those other buy now with 0% interest and pay later. Pay off your debts by adding at least 3x's the amount to the minimum amount due on your largest bill due, making the minimum payment on the rest. When the largest bill is paid off, then take the FULL amount you were paying to that company to pay of the debt, add it to your next highest bill's monthly payment and make the payment on that bill until that one is paid in full. After that one is paid in full, take the FULL amount you were paying on those first two bills, add it to the payment amount of your next highest bill and pay on it until it is paid off. Keep this up with all your debt until all the bills are paid in full, starting with your bill that has the highest earning interest rate, and working your way down to the lowest, believe me, IT WORKS, I've done it, you can do it too.

Rick WatsonApril 2, 2015

All you cash only people with no financial discipline are the ones losing out. Its depression era mentality. I make $400 – $600 minimum annually on cash back offers for years and consistently have 800 Fico's. The amount of financial literacy is appalling. I put 6K CC down payment on as a down payment on a car and got 3 way reward offer once. Who here could not benefit. Its just discipline in what you buy and how you pay your bills. Use multiple credit lines, use loan pay offs, make sure utilities are being paid early, and not just having a cards for 20 years. High balance pay offs mean a lot. Prove you can say NO. Cancelling cards is part of credit growth and until banks see that you won't get the real good offers. You have the POWER PEOPLE!

CindyMarch 25, 2015

I can't believe the comments on not incurring debt. We used to pay cash for everything and did not have a bank account. Last summer we wanted to move, no one would rent us a house because we did not have a credit history. We live in a rental and have been renting here for over 12 yrs. It made no difference to the people we tried to rent a new home from. I do not like credit cards but it was the only way to establish a credit history, not everybody is greedy!

BimalMarch 20, 2015

There are some very good advise , if you can't buy cash or repay in two weeks do not buy.
It is better to have peace of mind then have material things that will bring you debt and discomfort.

But very hard to follow advise in this day and age.

I wish prosperity to all who sincerely work hard.

God Bless.

Robbin1March 19, 2015

Most of you people are just ridiculous. I always paid cash. sure if you can't afford it don't bvy it. If you have that luxury. I have an emergency credit card that i never used during it's introductory 0% apr. then I was robbed and had no home appliances. How do you suppose I could replace my refrigorator, stove, washer and dryer while living on an icome of a little over $700 a month. Absloutely ridiculous of you people trying to make people feel bad or stupid because they have no choice!

SusanMarch 17, 2015

if you cant pay off the debt you incur on your cards within two weeks of purchase, don't buy it.

Paul CherubiniMarch 16, 2015

Keeping the SAME credit cards for 5, 10, 20 years is KEY to achieving a 800+ credit score.

Mermaid GirlMarch 15, 2015

To the guy that said using a credit card makes prices go up. I wanted to let you know that it is absolutely true! Merchants do NOT mark up merchandise 302%, but only 300 percent. So next time you buy something pay cash! DUH!!!! You are not hurting anyone when you use your cards and if anything, if cash is all you have, you would not buy anything anyway so ergo the merchants would lose money if they didn't offer the merchandise to all customers regardless of how they pay!!! (From a person who has run several businesses and used a merchant account that took Visa, Discover, Mastercard but NOT American Express!)

To the guy that said if you cannot pay cash, you don't need it! I AGREE with you, for real. This is how I live my life too. I just bought a 9000 dollar house in Detroit with cash. People laugh at me for living in Detroit but prices of gas are 1 dollar lower here, my neighbors are awesome people who working professionals with children (on my street) and they all watch out for each other. Those that laughed at me are hundreds of thousands of dollars in debt and will not own their houses until I am 76! (I am 46 now).

BTW my house is 3000 square feet, a mini brick mansion, a beautiful Victorian house. 4 bedrooms, 3 baths with a small yard for growing flowers, fruit and veggies. My kids love it here and I amnot stressed out constantly about paying my mortgage! whew! I am grateful to God for giving me an organized, resourceful brain that came up with this idea! :)

DrewMarch 11, 2015

Wait- you are suggesting to people who are in debt that they should take out more lines of credit? No one is in debt because of a high APR on their credit card. Please don't pretend that a lower APR is going to solve someone's debt problem.

GADMarch 11, 2015

Just remember, every time you use your credit card, and the more people who do, prices go up, because it is costing the merchant. Your 2-4% rebates, who do you think pays for that? Why do you think Costco nixed Amex? To keep their costs down and beat the competition. In a couple more decades, say goodbye to all the mom's & pop's… Sleep better, pay cash, be debt free !

rjhFebruary 25, 2015

When I was 16 years old my dad told me "If you cannot pay cash, you don't need it. I'm 76 now and it works for me.

WelchFebruary 24, 2015

Why are you all so greedy? Never go into debt.

onesmartconsumerFebruary 23, 2015

Just signed up for an AmEx blue card offer with no annual fee … $250 cash back on $1,000 in purchases made in first 3 months (have some flights to book) … 0% APR on bal transfers for 15 months … plus cash-back for ongoing purchases. There is a fee for bal transfer but it sure beats my high-interest MasterCard at 24.99%. It's a great deal and no, I don't work for AmEx. : ))

bobFebruary 20, 2015

I love cards. I don't care a balance and earn points. I have the citi double cash one and the capitalone that pays 1.5% back. From capitalone you can turn in your points and get at 10% discount on a gift card. So you end up with 11.5% back :)

SLAlstonFebruary 12, 2015

I paid off a time share today and will save $3,000 over the next three years. I plan to pay off this balance within 6 months and with no interest and this is a great deal. My goal is to be debt free before I retire. Any bill with simple or compound interest takes forever to pay off. The major problem is that you cannot earn interest on savings or cd accounts so your money never grows unless you put it in the stock market-risky business. It's dangerous to think that your home will increase in value, so you're stuck between a rock and a hard place.

robert mooreFebruary 5, 2015

Pay off your smallest reoccurring credit bill first and move what you would continue to pay on it to double up on the next bill until you have all of those payments on the highest bill due. Don't skimp. Negotiate lower interest charge on the phone. Reduce your total as steadfast as you can. Carry $500 for car insurance deductible and little else that you can't pay off monthly to zero. Credit unions carry low interest cards. Insurance can be borrowed against at a lower rate and use it to pay off your 21% high interest cards. Each effort contributes. After the cards are GONE, pay extra on your mortgage. Look at that statement for a shock. All your payments pay INTEREST first and a little bit on principle.

RandyFebruary 4, 2015

Credit Cards are so overrated. I use the rush card and I get Russel Simmon's personal financier whenever I please, forget this nonsense and head on over to russelsimmons(dot)com today, and mention Randy the Bot.

Gerry PongFebruary 4, 2015

Your credit score needs to be EXCELLENT to qualify for these c/c. What a BS article.

Amanda G.February 3, 2015

Wow really? I guess I need to exchange my dollars for shekels then.

PaulFebruary 3, 2015

One way to help control credit cards is to ask for a lower credit limit. It seems I always used to run mine to the max. so get that $5,000 limit reduced to $500.00. I would say all ones credit limits added up should not exceed one months salary. No science here just seems to make common sense.

The Blue Collar ManJanuary 31, 2015

As part of growing up, I learned the hard way, credit cards are dangerous.
When I was a lot younger, with a home, wife, and 2 young children, I sometimes had to use part of my first paycheck of a new month, to finish paying bills for the previous month. I was circling the drain, on the way to losing everything.
Finally, the struggle caused me to actually start reading, closely, every statement I got. I was horrified, when I found my card payments barely affected the balance, and sometimes, the balance grew, with a minimum payment. I can't remember the numbers now, but the balance was about $4,000. I do well remember cutting up the card, and that my final payment was over 6 YEARS later, even with always paying more than minimum, with no new purchases.
What a heavy price to pay, a lesson I haven't forgot.

LAHsJanuary 30, 2015

Give this a try: Put away your credit cards for about 6 months. Exercise as much self control as you can manage and wait for your next pay day to save up for or buy the thing you "really really want". It will be very frustrating for about two months but after that you will find it takes less time to save up for that much wanted item than it takes to pay off that same item bought with a credit card. I found that using credit cards was a bit like an addiction, after you have lost the craving, life is a lot better and easier and you lose that miserable feeling that a large chunk of your much anticipated pay check will go to making payments to a credit card company.

lindaJanuary 28, 2015

so if I have these cards already, why cant I have no finance charges. so unfair.

David AyersJanuary 26, 2015

Shane, 3% of $5000. is $150., not $1500. Bad enough, but not that bad. It's a quick way to get a 3% loan, and good thing to do as long as one is paying down his debt.,

Ash091January 24, 2015

Better advice, use spending discipline. Credit cards aren't evil per se, but most people don't seem to know when to say no on spending. That's how you hear about people complaining that they owe $15000 or more on credit cards, and have to pay several hundred dollars a month just on interest alone. Spending that $20 here, $30 there adds up really fast if you do it every day or week.

What I did after paying off my cards was to use one strictly for groceries/gas I would have otherwise used my debit card on, and then pay that card off every week to avoid interest charges.

As for other cards, I have them mostly on reserve in case of emergencies, such as needing an emergency tow or buying a water heater. I still make purchases on them every few months, but like the primary card, pay them off immediately to avoid them being closed due to lack of use, which also hurts your credit score due to lower credit availability.

Having no credit cards isn't bad advice, especially if you can't control your spending. But it also makes it incredibly difficult to build up a credit history in case you need a car loan or want to buy a house with a mortgage, unless you already have tens of thousands of dollars at your disposal. In which case you probably already have good spending discipline.

And avoid cards that have any kind of annual fee on them if possible. There are many other cards that don't have that fee on it and will do almost everything that annual fee credit card does without you having to pay the bank extra money for the "privilege" of using that card.

Mead_dogmanJanuary 23, 2015

That's $150 in fee expense, not $1,500. $5,000 x .03 = $150.

GADJanuary 22, 2015

People, please. Stay away from credit cards altogether. Pay cash or use debit card, and only keep small amount of money in debit card account. Most people abuse credit, and I say that meaning you have a balance, no matter what it is, on a credit card, and you pay interest. If you are getting rebates, perks, miles, points, etc, who in the world do you think is paying for this? You are ! The retailers pay the price because of you, and then raise their prices to balance it out. Of course, with credit cards, you spend more and buy things you do not need ! Cancel all your cards, and start paying off in one of two ways. Pay off highest interest rate cards first (the best method), or pay off the smallest balances first (a sense of accomplishment). If you are over your head, then get FREE Consumer Credit Counseling and be done with sleepless nights forever. Loans are for homes, and PURCHASING a reliable, AFFORDABLE car to get to work and back. Live DEBT FREE ! Don't retire in poverty.

lynneJanuary 21, 2015

3% of $5,000 is $150 – not $1,500 . . .

ShaneJanuary 21, 2015

What they don't tell you, is that there is a "transfer fee" that at times could be as high as 3% of the balance you're transferring. If you transfer $5000, the fees would be about $1500. None of them give anything away. The best advice I can give is to pay as much as you can to the card with the highest balance and just pay the minimum on the rest. When you pay off the highest-balanced card, go on to the next and the next and so on. When you're finished paying everything off, keep ONE card for emergencies and use cash as much as you can. When you use cash, you are highly aware of how quickly it disappears.

Mrs TJanuary 13, 2015

Citi & Chase are professionals at financially abusing their customers . These apparently 'easy credit' terms will change faster than a Jack Rabbit, if you do 'so much as sneeze'! We NEVER will do business with them, and never intended to, but they 'bought' our debt,and proceeded to hike the interest rates into the stratosphere. We had legitimate challenges – not of our making, and every other creditor worked with us, so we NEVER missed ANY payments with them. However Citi & Chase went after us and imposed several illegal practices, including attaching my Hubby's salary via an illegally obtained Judgment. Even AFTER they were PAID In full, they've tried to ruin our credit a best they're able. They use third party collectors, who are even more irresponsible, as beards. I'd be VERY wary of stepping into their mud puddles, as you'll be sullied for YEARS thereafter! They're engaging in methodical credit abuse, perhaps someone should check out RICO statutes as applicable?

ReggieJanuary 9, 2015

I glanced through the comments and I'm going to put in my $.10 worth (inflation, I remember when it was $.02).
@Raul January 2, 2015: I agree that it's a great plan you have and I've been working on the same theory for a couple of years now and it works great. I have a sweet cash back building with my Discover card. I use it to purchase gas for my two vehicles and pay off the balance monthly. I got a couple almost free DVD's from points accumulated when I used my Amazon.com/Visa card to pay for my contact lenses and doctors exam. I am able to do this at this time in our life after YEARS of fighting and working and paying on credit card debt. After years of LEARNING THE HARD WAY. We were working through a "Money Management" program that was "working with" the credit card companies to help us get out of debt. After a period of time with us paying $0000. +/- a month to the company, the credit card companies started calling us stating it "wasn't good enough" and that it was now "necessary for us to pay more a month" than what we agreed on, so we filed bankruptcy. @ Carolyn B January 1, 2015, we also had to survive on our credit cards after a workers comp. accident left my husband disabled and me working two jobs trying to survive without using the cards. I know how you feel when you hear or read or see someone tell you to do it a certain way and you would really like to but you just can't. It's hard to see everything you've worked for go down the drain and having to pick yourself up and start over. When you DO make it out the other end of the tunnel, it is a great relief knowing you have made it and you have learned from your mistakes. Good luck.

@JJ January 1, 2015, get it in writing. If it isn't written down, it doesn't exist or it wasn't said.
@joe January 6, 2015, are you for real? That sounds like flat out bank robbery.

Rev Dr JE BateauJanuary 7, 2015

These banks are completely out of control anyway. I read with interest what the person "JJ" wrote about the Discover Card. I had reservations about using my credit or debit cards around, especially electronically like with eBay or elsewhere. So I used PayPal instead, thinking that it would be safer. Well, I was in the hospital at one point, on a respirator in the ICU, so of course you know I could not have used a computer while in an ICU, with my arms tied to the bed so that I could not pull out the tubes, etc. After I was released from the hospital, I found that my checking account had been emptied through PayPal through a social network system that I frequent as a way of keeping up with my college friends. They apparently have a "secret agreement" with PayPal that allows them to go in to any members bank account without obtaining their prior approval, provided that this member had used any of their bank information (debit card, credit card, PayPal account, etc.) to pay for anything at all. I had purchased some game time at some point in the past, and that was how they had my PayPal account information, but I had since then changed all of my passwords and my debit card numbers and everything. It didn't matter, they gave them access anyway, and they cleaned out my account! Over $600 was taken in the process of just a couple of days! The bank did their so-called "investigation", but they concluded that it was my fault for having purchased game time from them in the past, even though I used PayPal as a third party, thinking that I was keeping my banking information safe. I told them that this was like saying that just because I had walked down a street once before in my life, that it was my own fault that I was raped when I walked down that street a second time in my life, and that is a wrong conclusion. I told them that I would sue them if they removed the money from my account, because they had given me the money back as an initial credit pending their investigation, and my income was solely deposited in that account from Social Security, and it is illegal to steal my Social Security income. They apparently decided that they were not willing to take that on, and never did take it back, though they have invented every possible opportunity to fine me and charge me and assess me new kinds of fees that I have never even heard of, so I am finally just giving up. I'm closing that account and going some place else. When they charged me four over-draft fees on two items, I realized that it was time to bank elsewhere, even when they did return two of those fees. It just is not worth arguing with them over fees over and over again. But everyone should be aware that PayPal is not a safe option to use either.

JaredJanuary 7, 2015

Be aware they usually charge a 3-5% Fee for the balance transfer that gets added to your total balance.

joeJanuary 6, 2015

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RaulJanuary 2, 2015

WOW!! There are a LOT of comments here! But its really, VERY simple… I have a high interest/low limit credit card. ($500.00) I use it for gas, or shopping, WHATEVER…. My point is, I PAY IT OFF, IN FULL, the day BEFORE the due date. So, I use my card, EVER so slowly increase my credit score (yeah RIGHT) but I NEVER spend more than I MAKE! Its not about learning to "live WITHIN your means", you need to learn to live WELL, BELOW your means! SCREW the "Jones's"… let THEM eat rammen noodles, while you put money in SAVINGS!!

JJJanuary 1, 2015

Let me tell toy what Discover Card did to me. I set it up so they would auto-draft out of my bank account for $100 a month. After a year, they took out an unauthorized $135. I called them and said they had changed the withdrawal amount. I told them they could not, cans should not, auto-draft an unauthorized amount like that. They refused to back down off of it. So I stopped paying it all because they breached the agreement and refused to go back to $100 a month. After 120 days, they told me I had to start paying $135 to prevent them from hiring an attorney to sue me. They had tacked on an additional $997 by then and refused to honor the original agreement. I offered to pay them $100 a month, as originally agreed before they breached the original agreement. They said they would only accept $100 a month if I agreed to another direct draft from my bank account. I told them we had already been down that road and I was not allowing them to direct draft it, but that I would pay them $100 a month. They countered with demanding $167 a month or else they sue me. Then told offered $135 again, thinking they were "negotiate up" from $100. Yea, right. They told me I could pay $167 to today to prevent them from suing me, but then said the collections company would sue me if I didn't do a direct draft. They then told me they were going to charge off my account anyway, but would pursue me. So I said to them, "Have a nice day." If they had not violated their agreement and withdrew an unauthorized amount, I would not be in this situation. They they used bully and terrorizing tactics to force me "up" on the amount. Discover Card is out of their minds. Now, out of principle, I will not pay them anything regardless of what they do.

MarcinJanuary 1, 2015

they make money because of transfer fee, it is usually 2-3 % so let see how much they make if 0% for first 6 months and transfer fee is 3% so that is 3 % in six months 6 % a year well that is great investment for banks, because if they lend the same amount for house or car they not getting 6% so always think and know they are making money even on 0%

Carolyn BJanuary 1, 2015

Good tips from most, but I wish that those just telling people to not buy beyond your means, pay off your cards each month yadayadaya would get off their high horse and realize that not everyone who has problems with debt is just out partying and shopping. A LOT of people have lost jobs or been hit with serious accidents or illnesses leaving them with mounting bills and no choice but to use credit cards to try and stay afloat and keep from losing everything while they try and get things turned around. So glad these circumstances have not hit you…yet. But you might think before you start preaching so self-righteously,

Shante PickeringJanuary 1, 2015

I had bad credit for a long time. I started cleaning it up, establish a secure credit card with my bank, maked more than the minimum payment every month, never maxed out my card. My credit limit was $500.00 and the processing fee was $50.00 to get the card which took a week to 10 days. Its either a mastercard or visa logo. Your minimum payment per month will be $25.00. After 9 months of using my card and establishing credit with the 3 credit bureaus and using Credit Karma.com my credit score rose from 595 to 705. Credit Karma is free and it gave me options of what credit card I could apply for and I applied for a Capital One Journey Card and as approved with a $500. limit and after 6 months of making more than the minimum payment my credit increased to $1500.00. I also applied for the Discover-It credit card and was approved a credit limit of $1000.00, never going buck wild and maxing it the cards, higher usage could drop you credit scores and also too many inquires can drop your credit scores. I am happy with my credit lines so far.

Smarter nowDecember 30, 2014

Some smart comments and lots of really stupid ones; have to believe the stupid ones are from folks that are having their troubles, make mistakes, in some instances are just ignorant and/or just haven't gotten to the place where they can actually profit from advice as in in this article.

Rule #1: It is in fact pretty hard to use credit in the form of credit cards to your advantage if you're not on top of your game. This means having a very good credit score and history in order to qualify for the best offers, certainly, but it also means having a stable income and healthy personal monthly balance sheet. If you think you need a credit card and you can "win the game" with one if you cannot get along just fine without it you are making a big mistake and will end up whining about how you got screwed by them along with the majority of posts here. You have to be able to pay your bills without credit to profit from it.

Rule#2: Research. Read the fine print. There are a lot of cards out there with very different schemes and terms. The ability to buy something today and pay for it later is the very least of it. What interest free use, reward type, benefit package will YOU benefit from? There are airline cards that offer incredible upgrades, airport lounge utilization, complimentary companion tickets, complimentary concierge services and even free flights. Almost beyond belief for the right cardholder. And of no use whatsoever if you don't travel. On the other hand there are cards that pay you back a pretty penny for simply buying groceries and gas. Almost everyone buys groceries and gas. Yes, it's only pennies on the dollar. But in many cases it's FREE pennies on the dollar. Why wouldn't you take them?

Rule#3: Never pay anything for using a credit card. No annual fee. No monthly interest. There are WAY too many banks vying for your business and willing to sign you up for free to ever pay them one cent for the privilege of swiping their card. They make money off of every swipe. Always pay in full every month. After all you shouldn't have made the purchase if you couldn't actually pay for it. To add to the cost with even one cent in interest is counter productive and the beginning of the end game where they win and you lose. And a very bloody end game it can be.

Rule#4: There are exceptions to the above from which you can profit but don't even THINK about it unless you are very, very sure of yourself and have demonstrated superior self control and management up to this point.

For some, an annual fee makes sense if they utilize the program to the degree that they know very well they will save even more money because of the enhanced potential of the "first class" plan. Simply put, to reap the greatest reward requires an investment.To charge an annual fee might be a scam of sorts on behalf of the issuer because many may buy in and only the few are really on top of it it enough to prosper but it is a game that can be won. A very simple example would be the American Express Blue Preferred Card which charges a $75 annual fee and pays back a cash dividend of 6% straight to your account on groceries alone (up to $6000 yearly). $6000 X 6% = $300 – $75 = $225. So at the end of the day, you're not paying them $75. They're paying you $225. Be very wary, however, unless you are a very seasoned pro, as you begin to swim in these waters.

Similarly, a balance can be carried on a zero percent card for a period of time that will not cost you anything and in some cases may enable you to make money off of it. If I have to explain the potential for this scheme, trust me, don't try it.

A few years ago I had a pretty dismal credit score and now am very close to 800 across the board. I probably couldn't have gotten a car loan then but recently bought a car for my wife at the best imaginable interest rate. I actually have interest free credit card limits available that I could have purchased it on cards and not payed a cent in interest but it might have impacted my score to actually OWE something on my cards (another days lesson) but actually, learning about really smart credit card usage and implementing it has been a big part of my credit story and where I am today.

My purpose in this post is to try to offer a balanced view. Banks want to make money off of you but don't necessarily cheat you to do it. If you make mistakes you enable them and they may very well show you no mercy. If you educate yourself and are smart and disciplined there are advantages to being in the game.

Your choice,

RipplyDecember 29, 2014

I was 75k in debt for many years. I went to settlebankdebt and settled all of my debt for a fraction of the cost. It was tough doing it, however I am debt free and it feels good.

Dwart FarquhardtDecember 26, 2014

AMEX is the biggest offender of your credit. they will report you in a nano second to every credit agency on the globe. I cancelled two cards (mine and spouses) and they continued to try to get me to pay 350 gold card membership, I refused, never made any purchases returned the cards as soon as they were sent and they continued to report me for the following ( YES!) five years. AMEX was the only negative on my report for that period. They should be at the bottom of the list at BBB

Norma PowersDecember 16, 2014

I have a Discover card and a Bank America card. In the past year, some hacker/thief tried to make purchases on each card. Discover and Bank America notified me immediately and asked if I had made these purchases. In both cases, the purchases were fraudulent and Discover and Bank America closed both accounts and issued new account numbers and sent new cards. There was no hassle or problem. I'm grateful that Discover and Bank America monitor customer accounts for unusual purchases and immediately notified me immediately. I keep track of my spending and visit the credit card websites periodically to confirm that nothing is charged to me that I didn't purchase. Be vigilant and monitor your finances. If you have a computer, it's no problem. Take the initiative and protect yourself from fraudulent purchases to your credit cards.

ACNovember 29, 2014

BEST MONEY EVER SPENT—-LIFELOCK. GUARANTEED NO ONE CAN USE YOUR CARDS.

JimmyAfricaNovember 25, 2014

Lot of silly comments here! If you cant afford to pay it off, just dont get a credit card. Like a lot people said, pay the balance if you dont want to get hit with the interests and still use the cash back bonuses. The problem with a lot of Americans sinking in debt is they live beyond their means, they buy too much stuff they cannot afford on their regular paycheck – just dont do that!! I bet you all will get your second tv with your credit card for your bedroom this black friday :) I have both Discover and Freedom and I enjoy the bonuses, and I pay them off monthly. I use them for gas, grocery, etc things that I can buy with my monthly income, and pay it off. If emergency comes, I will probably get hit with interest, but a second tv is not an emergency. Discover has a place where you can buy many stores gift card of value $50 with $40 – easy! But it, shop with it, pay it off at the end of the month. If you cant afford it, dont buy the damn gift card!

Gwen from AikenNovember 24, 2014

AVOID CREDIT AT ALL COSTS. ONLY USE CREDIT FOR A HOME OR AN OVERLY PRICED, BUT NECESSARY, CAR.

READ the fine print…. great they will transfer for your balance for 3% up front… not a great deal.

LonaNovember 15, 2014

test

Harper ValleyNovember 15, 2014

"With the new laws that will come in the next couple years everything will change on fraud. Credit companies will not be at all liable for these fraud cost if older mag strip cards are used, and not the new chip ones. But people now will complain they get charged over 5 bucks to have a better secure card."

How truly stupid! These "new" chips can easily be read by nearby scanners which will receive and record all information, so how exactly are there use going to end cases of fraud? Absurd!

DCTIM2529November 9, 2014

I'm new to posting and did not mean to use all caps.

DCTIM2529November 9, 2014

THE WAY OUT IF YOU HAVE A BAD CARD AND OR BAD CREDIT IS TO PAY DOWN THE DEPT TO ZERO. IF YOU WANT TO IMPROVE YOUR CREDIT YOU HAVE TO SACRIFICE OTHER THINGS FOR A YEAR OR SO CABLE; EATING OUT ; TO INCLUDE LUNCH AT WORK ; NEW CLOTHES ETC… THIS WILL ONLY WORK IF YOU PUT THE SAVED MONEY ON YOUR DEPT, WHILE NOT CREATING NEW DEPT. ONCE YOU DO THIS YOU WILL PAY LESS FOR EVERYTHING, BUT THERE IS NO REWARD WITHOUT SACRIFICE.

itsonlymeNovember 9, 2014

I have no interest in cards

ChrisNovember 6, 2014

So if my debt is bad… how do I qualify for one of these cards??

I CALL SHENANIGANS!

kyle barnettNovember 5, 2014

This is garbage. Do bankruptcy and move on. Get rid of the debt and let the bank be screwed. They screw you so screw them.

Peter GuttmanNovember 3, 2014

I didn't see any mention of transfer fees: 3-5%, typically.

BonclaudeNovember 3, 2014

I received a 1099 from Chase. They reported it as a charge off, which I can understand. But they still show that I owe a balance when in fact I do not since I received the 1099 and claimed it as an income on my taxes. How do you get a company to correct this to read a balance ZERO. They refuse to show a balance Zero. any and all help will be appreciated. It is like they can come after me for the balance later.

duh manNovember 2, 2014

do any of you have a decree in finance ? hmmmn so all you have is opinion which really only pertains to you're own situation , right ? thought so ! now then in a perfect world you would all be right , but here in reality the truth is we will have to pay bills for the rest of our lives and if we want anything or need anything we will have to be in debt plain and simple !

SimoneNovember 1, 2014

It's so funny when I read posts about people being upset or surprised when the credit company reduces their available credit after they finally pay off a $7, 5, or 4k debt.
Seriously why are you surprised! Do you think creditors are going to continue to let you maintain a 10k credit line when you've proven that you cannot pay your debt within a reasonable timeframe. What do you think going to do allow you to continue carrying a 4k balance maxing out your card and allowing to ratio to stay at or above 30-40%. You feel a sense of accomplishment when you FINALLY pay it out and feel you should be rewarded with more credit?

WesOctober 31, 2014

To all the jerks who say "Spend Less than you make.", "Get a higher paying job.", "Manage your money better." Some people can not find a higher paying job and life costs more than they can earn. In addition, the entire economic system is designed to make it more expensive to be broke. The rich never get overdraft fees, don't have to waste money borrowing money, they can buy in bulk and save money, they get perks for paying now instead of later. You spend your whole check on rent and bills, then get a tooth ache and have to go to the dentist. Now you have a bill that you can't pay for, and added expenses for having the bill.

So all you rich people that want to bag on poor people for not "managing" money very well can go to hell.

BobOctober 31, 2014

I agree with the comment pay off your credit bill every month. You will have no interest. I do it. Of course the banks hate that! But hey they screwed the consumer log enough. Now a couple of cards I have have started to charge me montlhy "maintenance" fee. I closed the accounts.

JennyOctober 28, 2014

Im going to say one thing that mu mother always say to me, " you cant survive in this country without a good standing credit report." Just be smart on your finance. I have a 710 credit score when I was 19 years old.

I think many of the letters and the article are helpful. I agree with Kat. People need to stop laming everyone else for their over-spending. When you apply for a credit card, if you read the fine print then there should be no surprises over the course of your relationship with the credit card company. I lost my health then my job at 40 years old so I do know what true "financial suffering" is. I lost all of my great credit, car's, credit card, etc. It wasn't until after my mother-law died that we came out of the black hole. Sadly, we had to lose someone we loved to recover, thanks to the inheritance we are back on our feet and have a second chance at credit and life. Now, I am diligent in rebuilding my credit. My old debt was medical and a lot of it. Like Kat, I have to fight the temptations of the department stores and online offers to keep my good credit in good standing. Now back to credit cards. While rebuilding my credit, I started with pre-paid. Carried a low balance for 6 months to establish my credit, then paid it off. Then I was able to get un-secured cards in 6 months. I started using my un-secured cards to pay my electric or groceries, something I HAD to buy to establish credit with this card company. The next month I paid the card down using the money I did not use for groceries or electric the previous month. Then you can pay off the balance every month, or leave a tiny balance to keep your credit rating rising. It has been only 9 months since I started doing this. The idea is, DON'T SPEND YOUR ELECTRIC BILL MONEY OR YOUR GROCERY BILL MONEY ON ANYTHING ELSE BUT THE CREDIT CARD PAYMENT. I have 3 big name cards now, and have less than $75 debt combined on them. I have over $1000 credit line with each card and my credit is on the mend!!!! It really works!! Do research the credit cards companies to make sure you get the best deal for your situation. Paying the cards off every month in the beginning usually does not help your credit. Start paying it off monthly once you credit is fully repaired.

katOctober 26, 2014

I find some of these comments helpful and some utterly ridiculous. I am one of those people who has a very love/ hate relationship with credit cards but also recognize that if I overspend or abuse credit card spending then only I am to blame. I am proud to say that after years of working to rebuild my credit, I now have good to excellent credit. I am still battling with the urge to buy whatever I want, when I want because of the instant gratification credit cards provide. I am working on this because we all know there is NOTHING worse than credit card debt.

The person who wrote the article was sharing information not pushing one brand over another. Personally, I think some of the balance transfer deals are great as long as you can pay the balance within the terms of the agreement. Even with the 3-5% one time transfer fee it is still more cost effective than the monthly finance charges you would typically be hit with.

I think we all need to be more accountable for our own finances and stop over spending and living above our means so when we are faced with financial hardships we can better address and stop blaming credit card companies for doing exactly what they are known to do – make money.

Thanks the article. I found the info helpful.

SueOctober 25, 2014

So many of us were actually not in debt over our heads until our jobs vanished. Many of us believed the nonsense that the economy was going to turn around and prosperity was only a few months away. That few months turned into years, and the savings, the 401K-all exhausted to remain honorable and pay the bills we incurred. You can't reduce your income to 1/3 of what it was and expect to stay solvent, even if you don't spend any more on credit. And each creditor behaves as if they are the only one, and that all your resources should go to them. They don't care if you put your payment on somebody else's credit card, or if you borrow from family, neighbors, friends…..Unfortunately for some of us, this "crash" came when we do not have 20 years or more of worklife to look forward to. We are never going to recoup savings, and we are never going to be ready for retirement. This nightmare will continue, because in all likelihood, we will never even equal what we used to earn, nor have any hope of extra to pay down debt. Once past 40, ageism is alive an well, and the job market is bleak.

JoeOctober 23, 2014

Use cash as much as possible but keep a credit card for emergencies and large planned purchases. by using cash you will spend far less. Credit cards are a trap to the undiciplined, which is most of us including me.

DaveOctober 19, 2014

Getting rid of your credit cards and changing your spending habits with a proven budget to ensure you are spending less than you earn and paying extra on your debt is the only way to get out of debt. Pay your bills with cash when you can. This is the best advice I have ever received and it helped me get out of $60,000 worth of debt 5 years ago.

Getting a low or no interest credit card will not help you get out of debt. Don't be fooled into thinking you can keep spending money the same way that got you into debt and be able to get out of debt without changing your spending habits. Do the math, be disciplined, and think about it.

ScottyOctober 17, 2014

Discover Card is the worst recommendation. Go ahead and do the balance transfer at the low rate and within 6-9 months your rate will increase significantly. Why you ask? "Because we reserve the right to increase or decrease rates any time we deem necessary. We will reevaluate your credit report every 6 months to determine if a rate change is appropriate". Go ahead….test it. My rate went from 9.9% to 16.9 to 29.9% on a balance transfer only during a period of 13 months. I called and requested my rate to be reduced or I'd pay the balance in full and close the account. I was told by an agent to then go ahead and do so. I did. Since then I get very very low rate offers to reopen my account but I never again. NOT WITH DISCOVER!

TomOctober 16, 2014

Try going to the FTC website, they have great information on identity theft and what to do.

ROYOctober 12, 2014

There is only one way to beat credit card co. File bankruptcy and pay for everything with
cash, get your credit rating as low as it can go. >> only use debit cards if necessary .>> and you still get card offers. or at least I have.

HenryOctober 8, 2014

PINK…BLOND…FEMALE…
That combination will send any rational person running for cover!

gary martinOctober 7, 2014

I have American express debit card they list it on credit reports and they list it as high credit as 1200.00$ this is not a
Credit Card but a debit card it has no credit and to list it like a credit card is just wrong all other debit cards are not listed so be car full but they put it on credit reports as this is judged by people who you a requesting credit from as credit being used and reflects on you credit score this is money on deposit not credit that you have
Gary Martin

ellebeeOctober 2, 2014

I'm reading a lot of complaints about Discover and Citi- have had both accounts for 10 and 20 years respectively. My interest rate has been raised nominally in that time frame, and despite credit card fraud on each; both Discover an Citi made me whole without penalty.
I used 0% for the life of the loan to pay off my $20,000 student loan- the same loan Sallie Mae would have required in excess of $34,000 to clear.
I used 0% for 18 months to pay off a new roof for my house interest free.
Creditors make money off of promotions like these when people do not pay off their balance in the allotted time, or pay off their balance, but continue to spend.
For those who question the authors motive in writing the article; the opening sentence says it all- "Stop wasting money on interest fees". It's what I've done, what I continue to do; and the only way to use a credit card.

Fed UpSeptember 30, 2014

As soon as you use a credit card they have your soul. Don't use them if you can't afford to pay them off…it's simple. Want to buy that fancy TV? then put money aside each month and when you have enough…buy it. Would you wait a while longer if you knew you could get it for 20% off??? That's sort of what you're doing by doing it this way, and then you're not screwing yourself over and making the banks richer off your money.

jim harrisSeptember 29, 2014

this is useless info unless you come up with a credit card with a zero ($0) dollar balance transfer fee and then a 0% interest rate

SloanSeptember 29, 2014

My suggestion……I use my department store credit card (Banana Republic Visa – but you can use any store that's a visa/master card) for Everything from gas to food to airfare! There's no annual fees and if you pay it off monthly there's not interest. PLUS, you get coupons back that They keep track of and send with your statements. I buy all my kids school clothes from Gap, BR, & Old Navy and end up paying about $10.00 at the start of the school year. It's awesome when I get a $50 coupon because I purchased gas and groceries with my BR Visa. I usually spend enough to get one with each statement.

DoniSeptember 27, 2014

Seriously, I tried that scheme years back. You know what happened when I tried to transfer my high-interest balance to a new card? They only transferred about $1000 of it. That barely made a dent in the original card (and did not decrease payments) and now I had ANOTHER card to pay off. … Anyway, 4.5 years back I finally put all my cards on a DMP, and in about 11 months will have them all paid off. As for the slimy creditors who play tricks on you such as "transfer your balance," no thanks. I will never trust another bank again, and I'm staying away from credit cards.

McCraySeptember 27, 2014

Pay No Interest UNTIL 2016 . UNTIL. If you ever gain too many cards or change your mind about a certain card and want to cancel one your credit will look bad for doing so. One or two cards is all you need.

djdSeptember 26, 2014

Also, note that this article is NOT endorsed by any card company and does NOT (so they claim) opinions are NOT those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions MAY change at any time. This site MAY have been compensated by the credit card issuer's Affiliate Programs.

So the credit companies HAVE endorsed the bragging rights and sales pitches contained in this article, and they HAVE paid the author and or his publishing company for running this ad (article). Note that the author mentions NONE of the terms and conditions surrounding the signed agreements you must comply to, for obtaining this supposedly "free of interest" credit contract.

djdSeptember 26, 2014

Simple folks, get a brain. 0% interest for 15 months with a contract for 36 months. They will make up the difference of lost profit in the next 21 months after the annual percentage rate goes up, and if you cancel your card early, you have to pay a penalty. Don't…and they issue a bad credit report on you and you have no options for appealing or defeating it.

Evan F.September 25, 2014

My ass!

Evan F.September 25, 2014

Mind power like this (ie. imagination) can help your credit card company lube up their hand then shove it in your butt and tear your wallet from your pocket!

JAMES DAVISSeptember 21, 2014

sounds like a good if not a wonderful idea.

Ripped OffSeptember 18, 2014

Discovercard is a big rip off. I have had a Discovercard for many years now and pay my bill on time and usually make payments larger than the minimum and they just keep raising my rate instead of lowering it. Time for me to do a balance transfer.

AlanSeptember 17, 2014

Did anyone bother to check the clause that after 15-18 months (depending on the bank) of 0% interest, if you don't pay off the balance, you will be charged for all interest that would have accrued over the 0% period? In addition, you will be charged the bank's current prevailing rate based on a new credit check, and your account may be closed if your credit is unsatisfactory (or you may receive a higher interest rate unless you close the account).

Read the fine print. Even with taxpayer "welfare" in the form of tens of billions in "loans" the banks never will pay back, they are still in it for the money. Turn your neck to a vampire, and he will bite.

NiceLady100September 11, 2014

I still had a hefty Bank of America CC "loan" after paying a 3% fee with 0% over 12 months. I asked BOA to extend the 0% without charging another 3% fee. They refused. I tried the Chase Slate CC which has a zero transfer fee and 0% interest. I asked for $14,500. They approved $4,900 for 13 months. I paid the minimum on this CC until I paid off the balance to BOA, then paid off Chase Slate within the 13 months. I still have one CC to pay off (because I keep adding to it, dumb dumb) and should achieve that within 3 months. I have keep track of each and every payment and faithfully pay as much as possible. After that is paid off, I'm on a cash basis only!

DodgeballSeptember 9, 2014

Everyone should have a credit card. It is difficult in this world to survive without one. Many of the things you, buy especially on-line require one. Don't use your bank card at restaurants or on-line or you are just asking for trouble. Even using your card for simply purchases is good as long as you pay it off right away. Even if you have a very high interest rate, just by paying it off that's ok. Don't cancel your old cards as that hurts your credit. After a couple of years of regularly using your card and paying off the balance routinely you put yourself in a good position to request a lower rate. Chances are you would have already received another credit card offer that's better. Sign up, but keep the old card. That overall credit line will help you out.

marciaSeptember 8, 2014

Forget Discover and Sears just bad news

marciaSeptember 8, 2014

Plan and simple do stay away from Sears and Discover. It has been said before and you can read it here.
In response to the question on co-signing yes you are responsible unless you report it stolen or lost. Call the police on how to go forward and the credit card company report it stolen.
2. In response to a default credit card. If 5 years has passed by you will be reported as defaulted but paid. 7 years this should be removed all the 7 years to go by.

StevenSeptember 7, 2014

I have a 760 FICO and still do not qualify for some of these cards. Most of them yes but some want as close to 780 or 800 FICO they can get to qualify but I am working each month to get it there. For the ones that feel they have no chance my FICO started at 533 but with a lot of work and time it's hit 760. It took almost 6 years and you have to get serious.

Raj DeepSeptember 5, 2014

Credit card companies are angels. credit card companies are GODSEND. CC COMPANIES ARE GREAT. THEY HAVE GIVEN ME A CHANCE TO SURVIVE WHEN I HAD NONE TO ASK MONEY FROM.\
DONT ABUSE THEM , OF COURSE THEY ARE DOING BUSINESS BUT IN A WAY HUMANE WAY. I AM INDIAN SO I AM POOR & WHEN I NEED MONEY I SEEK MONETARY HELP FROM MY FRIENDS WHO ARE THEMSELVES BROKE OR ARE UNWILLING TO LEND ME MONEY. IN SUCH DIRE SITUATION , THE ONLY PLACE YOU CAN GO FOR HELP IS THE CREDIT CARD CO. OR BANK. THAT'S HOW THEY MAKE A GREAT DIFFERENCE IN POOR PEOPLE'S LIFE. OF COURSE YOU HAVE TO PAY BACK BUT IN THE EVENT OF EMERGENCY A CC IS SOMETHING YOU CAN RELY ON. ITS ALMOST LIKE YOUR TRUSTED FRIEND OTHERWISE WHO WOULD HELP YOU. HA?
SO LONG LIVE CREDI CARD AND, LONG LIVE THE WORLD.

bobbieSeptember 3, 2014

When banks STOLE 700 billion from the american taxpayer then any money I owed those low life scum became paid in full.

Thetaxman1040xSeptember 3, 2014

Screw the banks… We the people bailed them out. Now the banks are out to F*** the American people. Our USA government should set credit card interest rate APR at 6 % .

BrendaSeptember 2, 2014

Colleen, have you been able to work with Citi Credit Cards? My husband found a place to work with him after he had found out he had bladder cancer and surgery. Citi Credit Card would NOT work with them. He now pays a huge amount monthly that is quite frankly sinking us……………………….. How would you go about this?

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Albert EinsteinAugust 31, 2014

The best way to avoid credit card debt is to stop spending money you do not have. Stop charging drinks and food that you cannot pay back. Stop buying stuff at the mall you cannot pay back. Stop being an idiot. Stop blaming everyone else for your debt. The more credit cards you have the bigger the clown you are. The bigger the clown you are the bigger the headache you have. The bigger the headache you have the bigger the pill you need, the bigger the pill you need the bigger the doctor you need, the bigger the doctor you need the bigger the bill you have which you cannot pay back. Plus, on top of all of this if you are a liberal that means you are already financially stupid which means you are a up a creek because you are on food stamps, social security disability, and welfare AKA the Welly. I would suggest going to McDonalds and ordering a big Mac meal and a diet coke while you ride around on one of those fat carts mulling over how you are going to pay off your 20% credit card bills by paying the minimum amount due every month for the next 229 years.

macemaceAugust 31, 2014

great content. nice work.

… just one thing …
Why didn't the author present this in a matrix?
That would have made it much easier to compare the cards against one another.

Cheryl NelsonAugust 31, 2014

Had two cards and worked at laying them off after big expenditure and with the high interest got nowhere fast. Went to our local bank, took out loan and paid them both off. I paid $126.00@month plus anything extra we could spare. In one year is all paid off. And closed out those card accounts. Get at least one card offer a week and simply shred them. Just have bank card now and it is all we need for convenience with an overdraft amount in place to cover any unusual need. Being in a fixed income this is the only way to survive and stay out of debt.

Miss BlueAugust 30, 2014

Can anyone directly involved in the CC industry or law wanna answer a quick question?
What happens when there is a credit card you have defaulted on & sent to collections BUT it's been years. Let's say 4-5 years? What's the statute of limitations for them to collect or this to stay or affect your credit?
Does it just "go away" after so any years?

Also, what if you have had someone open a credit card with you as a co-signer but as the co-signer you have no charges on the card bearing your name. What happens if the primary card holder maxes it out & defaults? I didn't know a relative had done this. Is it best to file a police fraud claim & such? Or how do you handle this scenario?

F P KjrAugust 29, 2014

If you're having problems with Discover ask them for all your signed and unsigned receipts. Upon receipt look at every transaction, if you find several that you did not make wrote a letter to Discover fraud dept. to inform them you'll not be paying for transactions you never made.
Write a letter to the three credit bureau's include all letter to and from Discover and dispute every charge.
The worse thing you can do is nothing be proactive. Write your Senators and Rep. You have Ex senator Dodd to thank for this BS. While he pays 1/2 a percent on all his properties..
Best of luck or better yet stay away from Discover & Sears…

MaryannAugust 29, 2014

I agree with the comments above on the Discover Card! They are the worst corp. to deal with I pad a total of $750. in payments one month a few years ago and it showed on my statement. My routine was to always pay online through MY bank. This particular month I called into Discover directly. The rep took the payment but entered the routing number incorrectly telephonic payment. Discover held me responsible and since my statement showed I paid I was unaware until I received a call when I was near the next payment due date . My credit score greatly affected . It cost me an extra $7000. in points when I purchased my a home 2 years later I wrote letters to all administrators at Discover and spoke to at least to 10 people. They would not reverse credit report I only received 2 apologies I have a dispute on my credit report but this does not help the damage DO NOT USE THE DISCOVER CARD POOR CUSTOMER SERVICE! I have documentation to prove this. Also the CEO of the company is not someone that is available to customers.

scottAugust 26, 2014

i have a major credit card and it says 11.9 % interest but as long as i pay the total that i charged on it for the month,i pay no interest.i pay no yearly fees either,so its like borrowing money but it costs me nothing,i also get bonus points,a point for every dollar i spend,so i try to use the card when ever i can instead of using cash.

TaraAugust 26, 2014

I used to work for one of the big mortgage industries as an underwriter. The top thing for EVERYONE TO KNOW is that you are not doing yourself a favor if you are trying to get a top score and paying your card off every month. Credit agencies and virtually all businesses that loan money/credit do this by looking at how well you can manage a credit card and large purchase items. Do you have some revolving credit and pay more than the minimum every month…points, do you carry some debt but you have never or almost never been late more than thirty (as reported by the credit agency), if you had a 'dink' somewhere in your credit profile manage to pay and close the card (s) by you (not the credit card company). These are all things that credit agencies look at. You are not discounted if you have some past (more than 7 yrs) but you are greatly discounted if you have a bk, chargeoff, or series of delinquent/non payments. Think about it this way: Would you loan money to yourself if you were looking at your past history. This will answer all your questions as to your credit worthiness when you go to a store and wonder if you should get a card. Also, use common sense and get cards that offer you incentives. I have a Citi dividend credit card that pays me more than 100 a year and I buy maybe 5k purchases so, not a bad incentive for simply using the card and paying it down to very low (under 1k revolving at any time). I do keep some revolving on one card to show my ability to responsibly carry some debt and repay but nothing that makes me concerned if I need to pay it off. If you do not have 1k in your bank account and you are over 18, I would be scrambling for a job asap (os some additional source of income). You really should have 2 years of living expenses in your bank account after 25 or you are already behind (if planning for retirement). You have to save and not buy unnecessary things and use credit for every little whim. You need to develop control and shop only when you actually NEED somthing (if you run maybe that would be running shoes) but necessity items only. Also, do not eat out except for very special occasion. The average cost of eating out for one meal is 3x what you would spend eating at home (in moderate priced restaurant). Fast food is around 2x the cost (and generally not as healthy as home packed meals such as yogurt, salad, fruit, vegetables, nuts, etc…)

latonyaAugust 26, 2014

There is always a transfer fee that ranges anywhere from 3% to 10% added to the balance you want to transfer. So technically, it's not 0%

EllenAugust 25, 2014

Pam,
your troubles with Discover card sounds unbelievable to me. There is more wrong (it might include you) for them not to help you, you maybe are not disclosing all the facts here.
I have always had excellent service and security with them over 15 years now and so do the people I know.

dennyAugust 24, 2014

your making a loan when you use a cc.dont use it and you wont pay interest !!!!

RebekkaAugust 24, 2014

I have been a Discover credit card account holder since 1992- over 20 years. Whenever i have had an issue. They have been pretty receptive. On a recent trip home to San Diego, I rented a car when i flew in (a rare situation because i usually drive myself). I had a weird feeling when the car rental representative left the front desk with my card and went into a back room. Just as i was ready to call him out, he returned. Sure enough, about two weeks after i got back to NM, I received a call from Discover asking if i was attempting to purchase $900 worth of clothes at a store in Austin texas. I HAVE NEVER EVEN BEEN TO AUSTIN ( they can keep TX as far as i am concerned- it is the capital punishment / government sanctioned murder capital of the country). Discover was great about notifying me and made sure i didn't get stuck with the bill. CC companies are in it for the money, but i must say, Discover card has been very good about watching my back thus far!

Some GuyAugust 23, 2014

Lol. So really this is just an advertisement to get you to get more credit cards. Personally, I like to take out credit and not pay it back. F the rich guy who gave me the money in the first place. He didn't need it and he won't make further money off of me in the form of interest. =)

TomAugust 22, 2014

put a identity theft (fraud) alert on your credit report. File a police report and submit it to the credit bureaus as well as the credit card company. If that don't work, notify the FTC and they have ways of helping. DO the first thing first, also notify Social Security Administration someone is using your social security number and ask about a fraud alert on that as well

Rev. VelveteenAugust 21, 2014

Credit unions. Check them out. They are not set up to maximize profits for their company, but to hang on to your money. Some are even independently run and donate back to the community.

RohitAugust 21, 2014

Seems like the perfect recipe for another credit bubble

ndavlinAugust 20, 2014

none of these credit cards will approve you if you have anything under a 750 credit rating. I have a Chase card with a 5000 limit, pay over the minimum each month, pay on time every month and they refuse to reduce my account from 29% apr. Since my credit rating is not perfect I cannot get another card to transfer balance. When they have you where they want you they will not negotiate.

PapyAugust 18, 2014

henry m, You must have not read all the card. Chase Slate card has not trasfer fees.

an americanAugust 18, 2014

I continue to say… to speak… to yell!
How foolish can banks be that they provide no interest for our money that we put into savings?
The banks are lending OUR savings and charging high interest rates and we are not being rewarded!
Please don't mention the generous $0.01% that our savings is earning!
They charge for cards up to 24% interest and more!
Hopefully that there is some intelligent company that is not managed in any way by another corrupt group… and that they can take our savings and give us a fair interest rate gain.
I find no satisfaction that those bankers and thieves are in prison; that doesn't add a cent to our savings accounts!

pepeAugust 17, 2014

I have been a client of Amex for over 30 years, and they suck. After they reduced my credit line
by 90% for no apparent reason. Have a credit score over 760, had never been late with a payment in my life and had over $125,000 in cash/security. I Stop charging any thing on their
cards and now have a zero balances on all their cards. Look into Sam's Club Discover card, they
have a 5% cash back on gas and 3% on dinning and travel all the time.

AVONLYNNEAugust 17, 2014

5 Credit Cards With No Interest To Help You Get Out Of Debt

I love the title to this article! Of course they have no interest in getting you out of debt!

MikkiAugust 16, 2014

For ID theft. Have your credit frozen. Stops them in their tracks.

DonnaAugust 15, 2014

News Flash to Gary Lockley, the first poster here.
Don't be so godawful rude and judgemental. Some folks have to use credit cards in order to make ends meet. Ever thought of that? Shame on you.

ShirleyAugust 14, 2014

I had perfect credit for over 40 years then I had some real bad problems. Called Citi, Discover, Chase, BECU, telling them problems and asked for help by lowering my payments or interest. Each one said no and I had never missed a payment. I kept trying for months called them again same answer so now I'm in financial ruin. My advice – don't use credit cards

ChuckAugust 14, 2014

Pam- I am also a victim of identity theft and you are correct. No one wants to do anything about it. Someone sends in fraudulent 1040 forms to the IRS with my information via Turbo Tax software every year. They also constantly apply for credit cards with my information. The IRS & Turbo Tax know the individuals ISP address and they do nothing about it. I filed police reports in my town and they do nothing about it. No one cares until it happens to them.

Catherine damicoAugust 14, 2014

i got a bill for $400 FOR A PURCHASE I NEVER MADE back in2006 .Iwas not living in the USA at that time,and could prove it,i reported to every source i could ,but to this day i still get letters from collections on this when will it end.

kelvinAugust 13, 2014

CITI BANK, DISCOVER, AND CHASE ARE 3 OF THE BIG BANKS THAT IS AGAINST the american people and the constitution. they are supporting the gun ban and the removal of the citizens constitutional rights. so i WOULDN'T GET A CARD WITH THEM. if you have a credit card with them and you value your rights, close the account and get rid of the card……….

MikeAugust 13, 2014

Because of this article, I applied for and received the Chase Slate credit card, intending to transfer a large balance from a higher interest credit card. Until receiving the card I did not know the maximum balance transfer amount was $3000. I canceled the transfer and didn't even bother activating the Slate card.

KodaAugust 13, 2014

Discover has been a great card and they do have "no balance transfer fee" options. I got one and my rate is 4.99% . Sure beats what I was paying on my VISA.

sue asselinAugust 12, 2014

The person above who talked about Discover card is right! These people are the worst!

EAugust 12, 2014

Some asshole once took his lady out for dinner a week straight. In the end I had an extra balance of $300 on my card before I noticed that it was happening. Discover was very kind to me and just asked me a few questions about the situation. The next day that balance was gone and I was no longer liable for it. So it's false to say they are always out to get you. .

KodaAugust 12, 2014

muffin, credit card companies make money every time you choose to use your card by charging the merchant a transaction fee (usually in the 2% range).

Jim DouglasAugust 11, 2014

If you can pay off your old account, do so…otherwise if you do use the balance transfer make sure to pay an equal amount of the debt transferred off each month plus any new charges, so you owe nothing at the end of the free interest period. You will have saved quite a bit of interest if you are paying the typical 22% interest on your old card. Take a look at the new Sam's Club Master-card, which gives you 5% cash back on gasoline purchases just about everywhere.

MarkAugust 11, 2014

Very interesting article. I found it extremely useful. Keep up the good work.

darlington saroAugust 9, 2014

join the best money making site on the internet rankcash.blogspot.com

MitchAugust 8, 2014

Most of these cards have foreign transaction fee that is about 3%. Don't use them when you travel outside the U.S. There are cards that does not have these foreign transaction fees

TerryleeAugust 7, 2014

Lifelock , is a must in todays credit and internet ………..we got it several years ago, and its been terrific.

xzimppledinkAugust 6, 2014

as a whistle blower I have survived without going on public assistance for 28 years, living mostly on selling off everything and also on the interest i have never paid. I save up and pay cash for everything.

KenAugust 6, 2014

I paid my cards off very simply. First – I stopped using the cards – you'll never pay them off if you continue to use them. I then started paying just the minimum on all of my cards, but one – the one with the lowest balance.

I then sent every dime I could to the card with the lowest balance, each month, until it was paid off – it took me 3 months.

I then took the total amount of money I was sending to the card I'd just paid off, and sent that amount, plus the minimum payment due, on the card with the next lowest balance. As each card got paid off, all of that money went to the next card in line. I paid off six credit cards (over $8,000 total) in less than 2 1/2 years. It takes discipline and sacrifice, but when you can see the balance dropping fast on one card, it makes it much easier to stomach. I got an American Express card to use for my everyday spending – it has to be paid off each month, and that keeps me out of this revolving debt cycle. Best decision ever. I don't owe anything other than my mortgage payment now and it's a great feeling.

JeremyAugust 6, 2014

I will never deal or have a card with Discover card again. All there solicitations go in the garbage and all their phone calls go unanswered. They could not even lower my apr% for 6 months after going through an illness. I wasn't asking for much. I still was going to pay the bill every month but I needed every cent I could. That forced me to go see a debt consolidation and made me realized if I can't pay in cash, then I probably do not need it. I have one card through Mastercard and only use it to rent cars or make a purchase online occasionally. Credit card companies will always get you in the end somehow. They are just not going to lend you money for nothing. My suggestion for anyone reading this!!! Go to Ally or Capitalone360 and start an online savings account. They give great interest rates and its so easy to put a small transfer into them when you have extra. You would be surprised how quickly it adds up and how much more you want to save.

American PegasussAugust 5, 2014

I was a loyal and good standing customer with US Bank Visa with a 9.4% APR. I recently got divorced and asked to have my ex-wife removed from my account, which I added her on to when we married, and was told that they could not do that. I would have to close out my Visa account and open a new account. Thinking that this would be an easy fix, especially since they told me to do it, I did just that. I was shocked when I was issued a new Visa with a 22.9% APR. My credit score was the best it had ever been at this time and I also was making more money then when I first opened my first Visa with then. When I called them to discuss it I was blown off by customer service with a statement that the APR they gave me was the best they could do until I built up a credit standing with the new card! What a crock!! I did what they said I needed to do just to remove my Exe from the account and then they hit me with this Bull%$#@. Suck it US Bank. I don't need you!!!

Don J.August 5, 2014

Whoever did this research should go back to school and learn how to do research ( or simply read the small print on the credit card offers they themselves receive in the mail). ALL cards now charge a balance transfer fee; usually 4% or 5%. Gone are the days when balance transfer fees were 0% to 3%. Furthermore these 4% and 5% fees are paid "upfront" when you make the transfer. Which means that this amount gets added to your outstanding balance from day one. So, in fact, the interst rate you are paying is the 4% or 5% upfront , it is in fact NOT 0%. Moreover, since that 4% or 5% is paid "upfront" your annual effective interest is higher than 4% or 5%. Lastly, if you default or are even late on a payment, many cards have small print that will remove your "promo rate" of 4% or 5% and sky rocket your interest rate. Now, in stating what I have above, an introductory or balance transfer rate around 4% to 5% can certainly be a good deal. However, you better make sure that every payment is on time and you better know what you are going to do with your debt (which will probably still be quite high) at the end of the introductory or promotion period. It's a calculated game that the credit card companies will win with most people.

SarapahAugust 5, 2014

I not like them. Make them go away forever…

John WhiteAugust 4, 2014

Folk's, all posters on this site sound old enough to know that you don't get something for nothing. The best way to prevent problems is to not use high interest credit cards in the first place. I took a financial accounting course in my MBA and the teacher had a cute quiz day one. Out of 33 class members only 5 successfully balanced a checking account. There in lies the problem. No one learns in school how to handle their money and budget. I never use banks, only the Navy Federal Credit union. My car loan was less than 1 % for the last two cars bought. Read, learn, ask others and don't fall prey to the crooked bankers in America.

TonyAugust 4, 2014

"Please tell me why when there is fraud on an account it is the card companies fault and they should eat the cost."

Because that is the agreement between the card issuer and the card holder- you are NOT liable for fraud, it's an insurance policy of sorts. NO ONE would use them if they could be 100% liable if the number or card is stolen.
As long as you notify them within usually the 30 day billing cycle of any charges you didn't authorize you are not liable. The key is you did not AUTHORIZE those charges and did not sign for them.

TonyAugust 4, 2014

" Also, have NEVER understood why I am not asked — every single time — for an I.D. when I purchase something at a store. "

Because store purchases are only one small part of consumer purchases, on-line, ATM type, and phone purchases are extremely popular and you can't ask for ID over the phone or via a web site.

TonyAugust 4, 2014

" Discover and Chase cards are some of the worst hitting the consumer with up to 30% aprs after the intro period."

I have chase slate for years I pay 16.99%

". 0% interest , com'on! How do they profit? "

They charge transaction fees to the businesses and merchants as they always have.

"I have been a Discover card customer for years and years in good standing. After a fraud, I asked them to close my acct and issue a new card.. they said keep it open. lets see if it happens again. .on a $2,000 balance i did not incurr and 20 documented letters protesting it. I again asked them to change my acct number and credit the fraud.
They do not arrest anyone, do not have security contact me and still over FOUR YEARS LATER have not credited and or closed the acct and reissued.."

My card was somehow compromised and Chase phoned me to ask about unusual charges like some
airline tickets ( I NEVER fly or travel out of state so that's a dead giveaway) After we identified and verified several fraudulent charges over the phone they cancelled that card/number and sent me a new one in the mail. All the bogus charges were completely reversed and I paid nothing.
The only issue was it took 10 days to 2 weeks to finally get the new card in the mail, meanwhile I had automatic bill payments and the like that were pointing to the now invalid card and I had to screw around and change all of those as well as pay those bills due from checking instead.

DeborahAugust 4, 2014

Doesn't anyone see the irony in the lack of care and concern for folks needing a bit of help from the banks with their credit cards when someone has fallen on hard times — losing a job, getting behind on house payments, etc. — that were actually CAUSED BY THE BANKS in the first place? Also, have NEVER understood why I am not asked — every single time — for an I.D. when I purchase something at a store. You'd think both the bank and the store would go for this idea to stem losses from credit card fraud. Anyone have any bright ideas about how to thwart on-line cc fraud?

Z BaldwinAugust 4, 2014

Zero percent for 15 monthes sounds good.
But, if your not good at managing money, or say you don't make enought to livc on, what will happen is … you will spend thousands foolishly on thinks like food and gas. Then you will pay the minimum payment. You balance will almost max out, so the credit card company will increase your limit. Once, your debt ratio gets bad, the credit card company will raise your interest rate to 30%, even if you pay on time.
At this point your credit card issuer(s) will make hundreds off you every month. This is how they make thier money.

PudbertSavannahGAAugust 4, 2014

This whole article reflects the current-day ign0rance of today's young people "spend what you don't have, then delay payment and ignore the reality that you're spending what you DON'T have by getting a card that has 0% interest for a brief time.

Roger H. WernerAugust 3, 2014

WHen we were subject to identity theft, I was told by an employee at one of my cards fraud prevention divisions is that banks do not actively pursue credit card thieves because the cost exceeds benefit. What they do is simply jack up interest rates to cover their losses. Banks have no real incentive to track down thieves as long as our government permits them to practice usury, which until Reagan was against the law. Think about that for a moment. Spend millions of dollars on investigation or set up an illusion, absorb the loss, and increase interest rates. Which is the better deal for banks? This isn't rocket science.

Daniel MalloyAugust 3, 2014

I am extremely happy with chase freedom. They have helped me thru thick and thin. Points have payed for 2 roundtrip tickets to Fl. and still have enough for 1 more!

TedAugust 3, 2014

These credit cards are a great deal if you read everything. The 0% interest for 15 months is great. Of course they will charge a balance transfer fee. It is usually 3 to 5%. All this charge is prepaid interest. There are occasional 0% offers. Anyway, on $5000 you would pay $150. That would be made up in the first 3 or 4 months. After that it's free use of their money until the offer expires. This is where the higher rate kicks in. Talk about sticker shock. Anyway, i did this using three cards i received. I transferred the amount of money i knew that i could pay off during the offer. I paid off $9000 in debt in 15 months and saved $1200. You have to make a plan and stick to it. Don't be late with your payments!!! If you are lax in paying creditors this isn't for you. Besides that these card are for people with better credit ratings. YOU HAVE BEEN WARNED!!!

Gale WeeksAugust 3, 2014

I have and love Chase as my bank. I have a good credit rating fortunately, but I've worked hard all my life to get it. AMEX and Chase have been the best companies for me. Whenever I've had a problem with my Chase acct – debit card # heisted and used 3 different times; I simply went to the bank's website and reported it as soon as I found out, then went to the bank in person and in less than an hour had new account set up with new debit card on the way to me; AND no charges to me with big apologies.

lisaAugust 1, 2014

I do wonder how much the writer gets for writing an ad for credit cards. Discover and Chase cards are some of the worst hitting the consumer with up to 30% aprs after the intro period. I have to say I have the Citi Simp. card. In my case (credit rating dependent) it's at about 12%.
Not the worst but I would still advise people to sell stuff to raise money rather than get more cards.

Peter RieglerAugust 1, 2014

ITS THE KINDNESS OF CORPORATE AMERICA AND THEIR POLICIES ASK FOR A FAVOR THE ANSWER IS NO NOTHING NEW THERE AND THE B/S CONTINUES . DUE TO DEATH IN THE FAMILY I WAS 5 DAYS LATE IN MAKING A PAYMENT HELP I GOT "0" AND MY INTEREST RATE WENT FROM 6% to 23% . Thanks for nothing CORPORATE AMERICA .

ColleenAugust 1, 2014

I am a negotiator for credit card holders and have been doing it for 7 years. I can negotiate with them for a lesser balance. You have to have a story, lost your job, had massive heart attack, etc. Once the attorney is retained I start the process. We charge depending how much the balance is. It's an awesome program and it helps people get back on their feet. Bad things do happen to good people. Once the debt is settled you are on your way to repairing your credit. This program is not for people that just don't want to pay back their debt. It's for those that have trials and tribulations in their lives, have tried to work with the credit card companies before it gets out of hand with no success. The credit card companies do not care if you've always paid on time for 8 years and now you are having some difficulty, they just want their money. Just Settle It.

STickmanJuly 31, 2014

Please tell me why when there is fraud on an account it is the card companies fault and they should eat the cost. You used a card that has your personal assets attached to it and it was stolen, sound to me that would be the card holders fault. I have had fraud and I was happy that Chase ate the cost but my bank fees also helped with that cost. With the new laws that will come in the next couple years everything will change on fraud. Credit companies will not be at all liable for these fraud cost if older mag strip cards are used, and not the new chip ones. But people now will complain they get charged over 5 bucks to have a better secure card.

Also remember, if they lower your avail credit or not issue new cards you cant really be that upset, you got denied a loan. That is what a CC is, a loan. Their money, they can give what they like to whom they like….

Mrs GJuly 31, 2014

We had fraud on our checking account which also hit our credit cards, everyone of the credit card companies, CITI, Commerce Bank and Overstock lowered our available credit and Commerce Bank decided just not to send our replacement cards, I called was on hold for thirty minutes only to be told they were not re-issuing the card, there have been no missed payments nor lates ones. Going to pay this crap off

j.b.July 31, 2014

I did this about two years ago. Went on a vacation for about 2.5k, used a card which I pay off pretty much every month. When I got home I got one of these offers from an existing card. I TRIED to see the downside but there was not one. I transferred the 2.5k and paid it off, at ZERO interest over about a year. Best thing I have ever done. The best part is I still accrued miles on the first card. I can see how this would be a problem if you are in a shaky position but I wasn't but didn't want to drop the whole amount at once.

Anne HessJuly 30, 2014

NOTE: Made a $4,000+ payment to AX this week to lower my balance…and they promptly REDUCED my credit line by….you guessed it: $4,000!
I am completely outraged and disgusted now by AMEX, and I have so many other lines of credit available to me that I don't want to reward them by using it further. Same goes for my Merchant account!!

*I ALSO want to note that Capital One HAS been quite responsive to requests in the past. :) No wonder they're doing well!

CeciliaJuly 30, 2014

Plan this: Make a list of your debt, if you are paying more than monthly payment on any credit card, take that extra money and place it on your lowest debt combined with your regular monthly payment. Once you pay off your lowest credit card, take the money you were paying on the paid off card, combine with the payment of your next card……and so on.

rayJuly 28, 2014

FANTASTIC, CITI AND CHASE, TWO COMPANIES THAT WILL NOT WORK WITH YOU WHEN YOU HAVE MONEY PROBLEMS. PAID MY BILL AND DITCHED THEM BOTH.
DISCOVER WILL AT LEAST LISTEN.

ArnoldJuly 27, 2014

To protect yourselves against these crooks that still your identity is to use the blank checks they send you ,get the cash first at the bank.

Glenn BoucherJuly 25, 2014

These cards are not for the credit challenged so they are useless to most of the people needing a credit card.

CarolJuly 24, 2014

This is NOT a way to pay off your credit cards. This is a scam to get you more into debt. IF you want to pay them off start with one of them and double your payment or pay as much extra as you can, while paying the others the minimum. Choose the one with highest interest first. You can also call and ask them to lower your interest rate. If you are in good standing they most likely will lower it. Once the first one is paid of take that payment and add it to the next one and so on, until they are all paid off. This does work, you just have to keep telling yourself not to use them. Once paid of only charge what you can afford to pay off in a month or 2, unless its an emergency and only use the lowest interest rate card.

Hal BrooksJuly 22, 2014

there is no such thing as cash back. The stores are being ripped off with fees for every transaction you use a debit or credit card for. The price on the receipt includes that fee. If they are offering 6% cash back, that just means they are sucking 12% from the retailer(who passes it on to you anyway) and gives YOU 6(%) of it back. Which, of course means if you don't have a cash back card(and don't use it), you're paying for other peoples card traffic. There's really no way around money suckers anymore unless you buy at vendors(street markets) who don't inflate prices to allow having to pay 12%(? – or more?) of all their sales figures to sucking banks. Sucking really is the only appropriate term for it. They suck more and more out and so someone has to keep putting more in – US.

MaryJuly 22, 2014

I agree with Tim.It all sounds wonderful until you apply for a new credit card with a "teaser" no interest rate for fifteen months But your credit score goes down because you've applied for new credit, and you might not qualify because of the large interest credit cards you are already trying to pay off!

vjayJuly 22, 2014

Credit card is good if paid in time, avail good cash back offer if used better way .

tonyJuly 20, 2014

Credit cards (high interest, unsecured loans) have replaced the lost income of the American Dream

henry mJuly 20, 2014

the genius that wrote this artical didnt mention the fact that all those cards have a 3-5% transfer fee to do the deal gat real

ZLJuly 19, 2014

If you pay your credit cards off when they are due, you won't pay any interest. There are a ton of really good cash back/rewards cards out there. Do some research! Just because a card doesn't charge you interest isn't a reason to apply for one of these. I have an AmEx blue cash preferred card that actually pays me back 6% on groceries and 3% cash back on gasoline. You can actually make money on cards instead of them making money on you. Do some research people! Heck, the capitalone quicksilver card pays you 1.5% cash back on each purchase.

MelodeeJuly 19, 2014

One must keep foremost in mind: Credit Card Companies Are Not Your Friend! They are money makers. They do everything to get your money; which in turn makes them rich as they invest from what you have GIVEN them. Unless it is direly necessary, steer as clear from credit cards as you can. It takes money management discipline to live a life without credit cards. I admire all who can and do reject these greedy money suckers.

Plus, if your credit is already bad, there is NO WAY OUT! These creditors won't give it a second thought.

muffinJuly 17, 2014

First of all THERE IS NO Resolution TO Credit fraud. So don't waste your time. ALL of these creditors find some type of way to get you in the end. 0% interest , com'on! How do they profit? Even if you prove its not you, you still pay for it in the end. Its a smart thing to try to build your credit, but the moment your unemployed, you have a problem.

TimJuly 17, 2014

So how exactly does one get approved for these cards when your credit sucks because of debt??

PamJuly 15, 2014

I have been a Discover card customer for years and years in good standing. After a fraud, I asked them to close my acct and issue a new card.. they said keep it open. lets see if it happens again. .on a $2,000 balance i did not incurr and 20 documented letters protesting it. I again asked them to change my acct number and credit the fraud.
They do not arrest anyone, do not have security contact me and still over FOUR YEARS LATER have not credited and or closed the acct and reissued..
I know a financial fraud ring has my credit card number. and those perps were rewarded with free cars and even the one who stole my data has a FREE HOUSE..
THE Secret service, police fbi DO NOTHING. and the rip offs go on and on. My actual balance should be approximately $400.. or less.. to date.. but with improper late fees when im paid on time and over charged interest.. its and charges I did not make.. its $2,000..
The theives changed my original acct to another Discover card internet company.
i notified them of that too.. nobody will correct it and or investigate it..
They send generic letters we investigated.. there is no address, phone or persons name to recontact.. and no viable postmark either..
THE WHOLE THING IS A FRAUD AND HARARSSMENT for me reporting a credit card theft ring!
july 14 2014

Gary LockleyJuly 15, 2014

News flash! You don't have to pay ANY interest on ANY credit card. Never spend more than you make; pay the cards off each month. Do this: www[dot]thesimpledollar.com/everything-you-ever-really-needed-to-know-about-personal-finance-on-the-back-of-five-business-cards/

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About Author

Tasha Lockyer

Tasha has been working in Silicon Valley for the past 18 years, enjoying a long-lived career in Product Management and Marketing. She is currently the Director of Product Management for NextAdvisor and has spent the last 5 years covering all things credit, credit cards and identity theft protection.

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